Gold is capping off its best month since January, and one of Wall Street’s most famous gold bulls is positioned to benefit.
The precious metal is up roughly 10% in August, trading near $4,435 per ounce as of Monday after touching highs above $4,650 earlier in the month, according to Trading Economics. The SPDR Gold Shares ETF (NYSE:GLD), tracking the spot price of physical gold bullion, gained 9.84% for the month.
The rally has been fueled by a weaker dollar, compressed rate-hike expectations and a U.S. Treasury Department plan to ramp up buybacks of longer-dated government debt, which stoked concerns over currency debasement.
Wall Street’s Gold Bug
Billionaire investor John Paulson, long nicknamed Wall Street’s “gold bug” for his outsized conviction in the metal, is riding the wave — even as the rest of his hedge fund shrinks.
